On Friday, crude oil lost 3.31% as a stronger greenback weighed on the price of the commodity. Thanks to these circumstances, light crude moved away from its key resistance area and closed another week below it. Will this event encourage oil bears to act in the coming days?

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On Tuesday, crude oil moved higher after Turkey shot down a Russian fighter jet near the Syrian border, increasing worries over disruptions to supplies from the Middle East. As a result, light crude climbed above $42 and reached resistance zone. Will it withstand the buying pressure in the coming days?

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On Monday, crude oil moved sharply lower after the market’s open as the USD Index climbed slightly above the barrier of 100. Despite this drop, the commodity reversed in the following hours after Saudi Arabia comments. As a result, light crude gained 1.28%, but did this upswing change anything in the short-term picture of the commodity?

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Although crude oil increased after Baker Hughes report, the combination of a stronger greenback and ongoing worries over a supply glut encouraged oil bears to act. In this way, light crude lost 0.93% and invalidated small breakout above the short-term resistance. Will this negative signal trigger further deterioration in the coming week?

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On Thursday, crude oil lost 0.31% as ongoing worries over a supply glut in global market drove down the price of the commodity. As a result, light crude moved away from its nearest resistance and closed the day under the Oct low once again. Does it mean that another downward move is just around the corner?

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